IT notice to Sub-Registrars over lapses in SFT

• Rectify errors or pay Rs. 50,000 fine, warns IT Dept.
• It is a regular process to provide 29-point info as per IT Department format, says District Registrar.

Mysore/Mysuru: The Income Tax (IT) Department has served notice to the Sub-Registrars, in the district, following the lapses noticed in Statement of Financial Transactions (SFT) with relation to high value property transactions.

The IT Department has issued personal notices to the Sub-Registrars, following the lapses found in SFT submitted since financial year 2021-22, with a warning to levy Rs. 50,000 fine amount, on those who fail to honour the notice.

SFT mandatory

It is mandatory to submit the SFT of the parties involved in the registration of properties valued at Rs. 30 lakh and above.

Earlier, SFT was submitted in a written format, but after the incorporation of Kaveri 2.0 software, the data related to SFT was being submitted either in pendrive or Compact Disc (CD).

Now, after the incorporation of new technology, the SFT should be submitted online. However, some discrepancies have been noticed in the same, despite being alerted by the software itself. But, the Sub-Registrars haven’t rectified the errors.  In this backdrop, the IT officials have served a notice to the Sub-Registrars.

Simplify the process

Meanwhile, the Sub-Registrars have submitted a memorandum to the Government, demanding simplification of the whole process of submitting SFT, by developing a new software using relevant technology. During the registration of documents itself, the information should be automatically transferred to IT Department. This will reduce unnecessary burden on the Sub-Registrars, they opined.

29-point

The SFT should consist of 29-point information including Aadhaar card, PAN card etc., of the party involved in registration of property. Any lapses on the part of the party, should be rectified by the Sub-Registrar. Amid this, it was unfair on the part of the authorities concerned to entrust additional responsibilities to the Sub-Registrars, argued some of the Sub-Registrars.

Info to IT must

Not many are aware that, any property transactions; either buying or selling through the sub-registrars’ offices, will be shared with IT Department. Following the transaction, the IT personnel will examine every details, especially the source of income.

The source of income should be voluntarily provided to IT, which is empowered to serve a notice, seeking explanation over the revenue source.

District Registrar clarifies

District Registrar Vijayalakshmi said, it is a regular process, as the errors are bound to happen, when thousands of properties are registered at Sub-Registrars offices. The Sub-Registrars have started to provide required information to IT over SFT, as the IT Department has a separate format and hence the details should be given accordingly.